Can anyone apply for a payday loan?

One of the great benefits that payday loans offer is that there is no credit check required to get one. This really helps out people who have credit problems and wouldn't qualify for loans from other sources. The question that a lot of people have is can anyone apply for a payday loan?

Obviously anybody can apply for a payday loan the question is whether or not you will be approved. Since they are pretty easy loans to get there is a good chance that you will be but there are some requirements that you do have to meet. The obvious one is that you will have to have a job, the self employed will not be able to get a payday loan. Many lenders will require that you have been at your current job for at least three months in order to be approved but this is not always true so if you look around you can probably find a lender who won't require it. When you do apply you will need to bring a copy of your pay stub so that they know how much you make, this will determine the amount that you can borrow.

The other common requirement to get a payday loan is that you need to have a checking account. This is so that you have a way to pay the loan back. If you take the loan in person at a store you will need to leave them a post dated check. They will also want to see a copy of your bank statement when you apply so make sure that you bring one along. If you apply online you will still need to have a checking account and in most cases they will also require that you get paid by direct deposit. This is because they will take the money you owe right out of your bank account on payday.

The only other thing that you need to have is identification although you will encounter some lenders who have other requirements. The most common of these is that you have a telephone, this is so they can track you down if you don't make your payments. Rather stupidly there are some lenders who insist that not only do you need a telephone but that it be a land line. In a world where more and more people are relying solely on a cell phone this is rather a silly requirement.

Clearly most people will qualify for a payday loan and that is one of the dangers of them. They are so easy to qualify for that people have a tendency to use them when they really don't need them. This usually leads to trouble as they become dependent on them. A payday loan should really only be used in an emergency and even then only as a last resort.